Bristol charity for supported housing goes into administration

The survival of Bristol Foundation Housing depends on a debt restructuring plan, financial re-modelling and stakeholder support, say administrators

Bristol Foundation Housing
Bristol Foundation Housing

The supported housing charity Bristol Foundation Housing, which works with homeless people, offenders and those at risk of offending, has gone into administration.

The joint administrators, Paul Masters and Colin Prescott of Leonard Curtis, which was appointed last month, said in a statement that the survival of the charity depended on the implementation of a debt restructuring plan, financial re-modelling and the support of key stakeholders.

The charity had a total income of £3.1m in 2011/12, but a net deficit of £365,216, according to its latest set of accounts available on the Charity Commission’s website. The charity employed one staff member, its chief executive, the accounts show.

The statement from the administrators said the purpose of the administration process was to achieve the survival of the charity as a going concern.

It said the administrators are talking to Bristol City Council and the social housing provider Connolly and Callaghan, which set up the charity to manage its social housing properties in 2008.

"The residents across Bristol Foundation Housing’s property portfolio continue to receive pre-administration levels of support," the statement said.

"In the event that a rescue plan cannot be implemented, then the administration exit route will be liquidation. In that event, the liquidators will likely look to negotiate exit terms from its property portfolio, while seeking to ensure that appropriate arrangements are made for the continued housing needs of Bristol Foundation Housing’s residents."

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Markel

Expert Hub

Insurance advice from Markel

Safeguarding in the Third Sector

Safeguarding in the Third Sector

Partner Content: Presented By Markel

Safeguarding - the process of making sure that children and vulnerable adults are protected from harm - is a big concern for organisations in the third sector.

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now